Sedona Real Estate July 25, 2020

Dated: 07/25/2020

Views: 66

Weekly Update. July 25th, 2020.

At the time of this blog, the Arizona Department of Health Services said that the number of confirmed cases in Arizona was 160,041 with 3,286 deaths. That is approximately a 13% and a 20% increase, respectively, over the week. The percentage increases appear to be diminishing. The age balance in cases remains the same with the up to 54 age bracket accounting for 77% of confirmed cases, and the 55 and over bracket accounting for 23%. In the death column, the numbers remain at 13% and 87%, respectively. In Arizona, the number of Confirmed cases is approximately 2.2% of the population, while the number of deaths is approximately 0.05%.

As of yesterday,
Yavapai County Community Health Services said the number of tests was 26,343 with 24,809 testing negative, which is 94.2%. The number of tests is approximately 11.6% of the County’s population. The number of deaths is currently approximately 0.02% of the County’s population.

Maricopa County accounts for 107,291 of confirmed cases and 1,793 of deaths. The figures for Yavapai County are 1,539 and 54, and for Coconino County are 2,849 and 112, respectively.

A chart of the daily increase in confirmed cases in Arizona is below. It shows great volatility in reported new cases, although the 14 day moving average may suggest that we may be levelling out at this high daily level.

                            

 

 

Also, here is a chart giving the number increase in confirmed cases since June 26th, in age brackets. It appears the two spikes are in the middle twenties and the older fifties.

                             

Real Estate Information - Sedona Single Family Residential Homes ONLY.

All the Moving Averages are for 1 year. This week's numbers are,

New Listings

23

MAV

17.7

New Listings; Back on Market

Under Contract

40

MAV

23.2

Active-Contingency Removal; Pending-Take  Backup; Pending

Closed Escrow

11

MAV

9.4

Sold; Closed Escrow

Off Market

5

MAV

5.8

Canceled; Expired; Temporary Off Market

 

 

 

 

 

Price Reductions

6

MAV

9.9

 

Price Increases

0

MAV

0.7

 


The market remains HOT. The number of listings in West Sedona is down by 8 units over the week, and the number under contract was up by 7 units. For the Village the numbers are 6 and 4, respectively. That’s a total of 14 less Active Listings and an increase in 11 Under Contract. If you’re a Seller, what a great opportunity, but you need to move now, as my guess is the market will probably go quite in September ahead of the general election.

Contract Ratio:  98.30 yet another high for the Contract Ratio. The average over the last year is 38.50.

The Average Price per Square Foot of homes that are Under Contract was $315.35 per square foot. The yearly moving average is $301.18 per square foot. For those homes that Closed Escrow this week, the yearly moving average was $286.65 per square foot.

MARKET WATCH.

This Table contrasts the real estate activity in Sedona over the last 3 months with the prior 3 months.

WEST SEDONA.

 

 

 

3 MONTHS To TODAY

PRIOR 4 to 6 MONTHS

Total Number of Comparable Sales.

81

72

Absorption Rate (Sales/Months).

27.00

24.00

Months of Housing Supply (Listings/Ab Rate).      

4.7

5.04

Median Comparable Sales price.

585,000

652,500

Median Comparable Sales Days On Market.

70

117

Median Sales price as % of List Price.

98.00%

98.00%

 

VILLAGE of OAKCREEK

 

 

 

3 MONTHS To TODAY

PRIOR 4 to 6 MONTHS

Total Number of Comparable Sales.

36

50

Absorption Rate (Sales/Months).

12.00

16.67

Months of Housing Supply (Listings/Ab Rate).      

6.08

3.78

Median Comparable Sales price.

547,500

526,000

Median Comparable Sales Days On Market.

84

136

Median Sales price as % of List Price.

98.00%

98.00%


Congress is considering another round of stimulus legislation. The amount and eligibility are still to be decided. Treasury Secretary Steven Mnuchin suggested that the size and scope of the payments was likely be the same as the first round, but is subject to change as negotiations progress. The previous checks were up to $1,200 per individual or $2,400 per married couple, plus $500 for dependents under 17.

The $600 boost to weekly unemployment benefits will likely end very shortly. This suggests that household income for millions of people will drop, effecting their ability to pay for bills like rent and groceries. In May, according to U.S. Labor Department data, the average American got $321 a week in unemployment aid, excluding the $600 weekly Federal subsidy.

Mortgage rates tightened slightly. Ignoring points and fees, the 30-year fixed-rate mortgage was at around 3.01%. The 15-Year fixed was  at around 2.54%, and the 5/1 Year Adjustable Rate Mortgages was at around 3.09%. The Mortgage Bankers Association said that mortgage applications increased by 4.1% on a seasonally adjusted basis from one week earlier.

The U.S. stock markets fell slightly over the week. The Dow Jones Industrial Average closed at 26,469.89 down 0.8% on the week. The S&P 500 closed at 3,215.63 down 0.3% on the week, and the Nasdaq Composite closed at 10,363.18 down 1.3% on the week.

The US Treasury yields fell slightly as the curve flattened. The 2-year yield was unchanged at around 0.14%; the 5-year was down at around 0.27%; the 10-Year was down around 0.59%; the 20-Year down around 1.03%, and the 30-Year down around 1.23%.

Sean Baguley.


Information in the post is drawn from the Sedona Verde Valley Association of Realtors Multiple Listing Service and other public sources believed to be reliable, but not guaranteed. Any opinions expressed are solely those of the author and in no way reflect the views of Better Homes and Gardens Real Estate BloomTree Realty.  

 

Blog author image

Sean Baguley

I’ve been a licensed Realtor® in Sedona since 2005, having spent most of my career in the International Financial Markets, so I’m used to handling large transactions, am an excellent negotiator, ....

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